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Clinton Unveils Retirement Plan

October 09, 2007 4:11 PM

ABC News' Eloise Harper Reports: Senator Clinton, D-N.Y., unveiled her American Retirement Accounts plan Tuesday in Webster, Iowa.  The plan, that has been billed by some as Clinton's second largest domestic policy proposal since launching her campaign, is essentially a matching 401K plan for "every working family in America," according to a press release from the campaign.

Clinton's plan, for American families making $60,000-$100,000, "will provide a 50% match on the first $1000 savings -- that means that tens of millions of middle-class families will be eligible for matching tax-cuts of up to $500 and $1000 to help them build a nest egg retirement," Clinton said Tuesday.

Additionally, the proposal would allow people to open what Clinton is calling an American Retirement Account.

"These universal accounts will allow you to contribute $5000 per year on a tax-deferred basis and you will get the generous government matches on the first $1000 dollars," the New York senator said.  "So 401ks will be available for everyone."

It is estimated that this proposal would cost $20-$25 billion dollars a year. Clinton would fund this by freezing the estate tax at the 2009 level of $7 million per couple.

After the speech, Clinton took questions about healthcare, infrastructure, and one question from an audience member who was concerned about the length of presidential campaigns.  The questioner asked if the campaign can be shortened, adding, "can you tie your shoes so you don't trip over them?"  Clinton laughed and said that she had bought her moccasins at the Fort Dodge Museum and Gift Shop, "which I highly recommend to you." 

Clinton then addressed the woman's concern about the length of elections.  "Boy you are singing my song.  I'll tell you what, if there were a way to shorten campaigns, I would be first one in line." 

She spoke about how her husband did not enter the race until October of 1991.  Clinton pointed out that she has been doing this for nine months, "I could have had a baby in the time" of this campaign, said Clinton.

Clinton's address comes in the middle of her "Middle Class Express" bus tour through Iowa where she announced "a new economic blueprint for a 21st century economy."

October 9, 2007 in Tancredo, Tom | Permalink | User Comments (0)

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